Fortive Corp Correlations

FTV Stock

USD 75.25 0.87 1.17%

The current 90-days correlation between Fortive Corp and Sensata Technologies Holding is 0.4 (i.e., Very weak diversification). The correlation of Fortive Corp is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Fortive Corp Correlation With Market

Good diversification

The correlation between Fortive Corp and DJI is -0.01 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fortive Corp and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fortive Corp. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in estimate.

For more information on how to buy Fortive Stock please use our How to Invest in Fortive Corp guide.

Moving together with Fortive Stock

0.64	TDY	Teledyne Technologies	Pair Corr
0.83	VNT	Vontier Corp	Pair Corr
0.82	GNSS	Genasys	Pair Corr
0.81	KEYS	Keysight Technologies	Pair Corr
0.79	MIND	Mind Technology	Pair Corr
0.81	MLAB	Mesa Laboratories	Pair Corr
0.65	MVIS	Microvision Buyout Trend	Pair Corr
0.84	BKSY	Blacksky Technology	Pair Corr
0.75	TRMB	Trimble	Pair Corr
0.62	BB	BlackBerry	Pair Corr
0.74	BR	Broadridge Financial	Pair Corr

Moving against Fortive Stock

0.42	ITRI	Itron Inc	Pair Corr
0.31	DJCO	Daily Journal Corp	Pair Corr

Related Correlations Analysis

	VPG	ST	BMI	TRMB	MKSI	NOVT	MLAB	ITRI	COHR	TDY
VPG		0.5	0.49	0.48	0.38	0.19	0.63	-0.53	0.33	0.19	VPG
ST	0.5		0.04	0.11	-0.02	-0.1	0.25	-0.38	-0.06	-0.03	ST
BMI	0.49	0.04		0.57	0.64	0.71	0.62	-0.01	0.71	0.0	BMI
TRMB	0.48	0.11	0.57		0.82	0.46	0.64	-0.06	0.63	0.46	TRMB
MKSI	0.38	-0.02	0.64	0.82		0.73	0.56	0.05	0.91	-0.04	MKSI
NOVT	0.19	-0.1	0.71	0.46	0.73		0.37	0.44	0.85	-0.28	NOVT
MLAB	0.63	0.25	0.62	0.64	0.56	0.37		-0.35	0.44	0.33	MLAB
ITRI	-0.53	-0.38	-0.01	-0.06	0.05	0.44	-0.35		0.23	-0.22	ITRI
COHR	0.33	-0.06	0.71	0.63	0.91	0.85	0.44	0.23		-0.26	COHR
TDY	0.19	-0.03	0.0	0.46	-0.04	-0.28	0.33	-0.22	-0.26		TDY
	VPG	ST	BMI	TRMB	MKSI	NOVT	MLAB	ITRI	COHR	TDY

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

COHR	+ 0.91	MKSI
COHR	+ 0.85	NOVT
MKSI	+ 0.82	TRMB
NOVT	+ 0.73	MKSI
NOVT	+ 0.71	BMI
COHR	+ 0.71	BMI

High negative correlations

ITRI	- 0.53	VPG
ITRI	- 0.38	ST
ITRI	- 0.35	MLAB
TDY	- 0.28	NOVT
TDY	- 0.26	COHR
TDY	- 0.22	ITRI

Risk-Adjusted Indicators

There is a big difference between Fortive Stock performing well and Fortive Corp Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Fortive Corp's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
VPG	1.64	(0.02)	0.00	(0.34)	0.00	0.00	3.57	(3.32)	14.71
ST	1.48	0.08	0.07	0.50	1.93	(1.66)	2.73	(2.89)	14.38
BMI	1.12	(0.13)	0.00	2.20	0.00	0.00	2.12	(3.23)	6.90
TRMB	1.21	(0.02)	0.04	(0.01)	1.70	(1.14)	2.02	(3.12)	5.78
MKSI	2.24	(0.20)	0.00	0.42	0.00	0.00	4.18	(6.61)	13.45
NOVT	1.14	(0.18)	0.00	(0.98)	0.00	0.00	1.40	(2.47)	10.19
MLAB	2.27	(0.08)	0.00	0.48	0.00	0.00	4.28	(5.23)	13.66
ITRI	1.32	(0.01)	0.04	0.01	1.68	(1.81)	1.89	(2.31)	12.12
COHR	3.61	(0.52)	0.00	0.49	0.00	0.00	5.84	(7.31)	25.13
TDY	1.01	0.12	0.15	1.02	1.17	(1.11)	1.98	(1.70)	10.41

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